So far no instance of participatory notes (P-Notes) being abused by money launderers have been detected, finance minister P Chidambaram said today.

He said neither the Enforcement Directorate nor the Securities and Exchange Board of India (SEBI) has come across any instance of P-Notes being used for money laundering.

Participatory notes are instruments through which foreign financial institutions (FIIs) invest in Indian stock markets without making any cash payment.

"SEBI and the Enforcement Directorate, which have a regulatory role in the matter, have not come across any instances of P-Notes being used for money laundering," he said in a written reply in the Lok Sabha.

FIIs had issued P-Notes for an equivalent of Rs1,51,000 crore between April and December 2012, up from the Rs1,38,000 crore issued during April-December 2011-12, he informed the house.

Defending P-Notes, Chidambaram said the FIIs issuing P-Notes are required to report details such as name, location, type and jurisdiction of the end beneficial owner of the instrument on a monthly basis to market regulator SEBI.